One little-noticed point about today's employment report: the unemployment rate for less-educated workers is also at historic lows, just 3.7 percent for non-college HS grads 1/ bls.gov/news.release/p…
So, does anyone remember the "skills gap" -- how high unemployment was permanent because workers just didn't have the skills they needed? E.g., here's @tylercowen saying that low-ed workers had zero marginal product 2/ marginalrevolution.com/marginalrevolu…
Those of us who said it was all lack of sufficient demand were considered naive; invoking deep structural stories just sounded much more serious -- the same way it did in the 1930s. But here we are 3/
Just a picture showing what has happened to those workers without the skills to be employable in the 21st century 4/ 
